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. >> in europe, google faces anti-competition measures. >>> in the united states, ben bernanke gets ready to outline an exit strategy to a skeptical congress. >> a warm welcome to "worldwide exchange." i'm chloe cho in asia. it's just past 5:00 p.m. in singapore. let's check on where the asian markets are wrapping up the trading day. mostly weaker today on the back of weaker consumer confidence numbers. and toyota lows taking the nikkei lower by 1.5%. the hang seng off 0.75%. on the other hand, we have the shanghai composite erasing all of its earlier losses, pushing higher by 1.3%. a lot of speculation in small cap stops and what may be linked to the national people's congress set to kick off next friday. other markets are weaker, the kospi down 1%. the bombay sensex has been trading around the front line. the aussie market asterisk comes off the table, a lot of commodities and resources lower. the s&p/asx 200 down .5%. let's check on the ftse cnbc global 300. slightly off 0.4% at 4,315. good morning, becky. >> good morning. it's about 10:00 on the continent. european markets have been t
morning. i'm mark haines. >> i'm erin burnett. front and center, benjamin s. bernanke. >> yes. >> will be testifying in front of the house financial services committee about the economy and anything else they want to talk about. that'll be live in an hour. >> how about the exit strategy? imagine there will be some questions about that. the sec meets on possibly curbing short sales. huge issue for the market. full details coming up. >> and president obama meeting with key business leaders. it's all happening during this show. we've got a lot of breaking news, big headlines for you. we will be all over it, mark. how are your futures? >> not too good. >> no. >> up 0.70. we get a little break here because we closed a point above fair value. but, you know, looking at maybe 15, 20 points on the dow at the open. let's hit the markets. peel back the layers of the onion starting with brian shactman at the big board. >> thank you. listen, asia and europe were pretty mixed. germany, their economy in an absolute standstill. doint need to go over bernanke and all things going on in d.c. wi
. the president, mr. bernanke, secretary lahood, testifying on the toyota issues on the hill. let's take a breakaway. we're going to watch them all and bring in john harwood, steve liesman and andrew par menty yea, managing partner with height analytics and open the discussion here. steve, you've been listening to mr. bernanke sum it up for us. what are the three or four bullet points. >> he reiterate that the fed will remain exceptionally low. that was a little bit more dovish than maybe some expected. you see the bond market rallied a bit. the dollar kind of hung in there. stocks have done better while bernanke's been talking. interesting comments on the volcker rule where i guess he's in opposition to the president's strong ideas about banning proprietary trading by the banks. he's saying you can do that idea, but it's frouth with danger and a better way might be to give the regulators authority to limit risky activity. he's got a less or thoughdox version of the volcker rule which is what is already in the house bill >> he also made interesting comments on deflation because one of th
. >>> ben bernanke, coming to capitol hill. the central bank chief is ready for tough questions from lawmakers about the economy, interest rates and the fed's exit strategy. and president obama reaching out to business leaders, hosting a white house dinner for some high profile ceos. today, he addresses a business round table. those stories and more as "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box." i'm becky quick along with joe kernen and carl quintanilla. we've been watching the markets this morning. after a down day yesterday, you'll see we're not getting any bounceback just yet. after yesterday's markets, obviously, you've got a lot of watchers waiting to figure out what happens. >> yeah. that consumer confidence number was troubling. >> it was. >> people now thil thinking maybe the sample was bad because i was worse than a lot of people expected at this stage of the game. we've got jobless claims high. we'll talk a lot about that this morning. but toyota's troubles are in the spotlight again today as the company's ceo appears on capitol hill
, will they or won't they? the bailout chatter for greece intensifies. >> and here in the united states, ben bernanke will set out the fed's exit plan today but will likely make jobs clear, we'll still be in the car for some time to come. >> and welcome to "worldwide exchange." i'm christine tan in singapore where it's 5:00 p.m. in the city. let's get a view of where the asian markets have closed today. a lot of hopes pengd on the european union. they might come up with a plan to bail out greece. the nikkei 225 is up marginally. toyota continues to be focused. that stock climbing despite anal announcement that it's recalling another set of cars. the shanghai market up more than 1%. a lot of positive comments out in the country about strong import data and export data and that's helping to lift sentiment in china. the kos pit is moving up flat. people and investors are staying on the sidelines. the bombay sensex is trading down 0.5% and the aussie market is pretty much flat, up 0.2%. the ftse cnbc global 300 up 8 points, 4,243. ross, good to see you. >> hey, christine. we're very much focused on the w
, as well, and nursing losses from the federal reserve chief ben bernanke. we've got all the details. christine, we're waiting for the timing. >> that's right. let's see the properties expect of a package for gooes, is it having any impact on the euro right now? euro/dollar, 1.3763. euro is higher against sterling, 0.8841. euro/dollar 1.3763. dollar/yen, standing at 90 evening. a lot of eyes on what will happen with the package. nicole. >> the snowstorm may gone in the i'd, but it's reeking havoc in the east coast, especially in washington. government offices are closed for a fourth straight day at the estimated cost of $100 million in lost productivity. the senate will be back in session this afternoon, but no votes are scheduled. the weekly u.s. inventory data which normally comes out on wednesday has been postponed again until friday. january retail sales in december business inventories which were supposed to come out today have moved to friday. we still get weekly jobless claims at 8:30 new york time and they're forecast to drop by 12,000 to a total of had 68,000. >>> pepsi corp
the toyota hearing that we've been watching here on cnbc. federal reserve chairman ben bernanke also telling congress today that interest rates are likely to remain low for an extended period of time to support the economic recovery. that's what really set the tone for stocks today and saw a rally in the market by 91 reports. cnbc's reporter steve liesman has more. >> reporter: fed chairman ben bernanke said those magical words that markets wanted to hear today, that the fed would stay exceptionally low for an extended period. he said that before but market his their doubts after fed hiked discount rate last week and the treasury, then, revived a program that helps the fed train liquidity. that is ultimate lie a program that could make financial conditions tougher. bernanke attempted to be crystal-clear on fed policy. >> the fomc continues to anticipate that economic condition conditions including low rates or resource utilization subdued in inflation trends and stabile expectations are likely to warrant exceptionally low levels of the federal funds rate for an extended period. >> reporter:
on a bailout for the debt-strapped country. >>> on exit strategy, ben bernanke unveiling his plan for the fed's next move. and the house of mouse, disney posting strong quarterly results and investors are responding. a cnbc exclusive with ceo bob ieger, "squawk box" begins right now. >> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick. joe and carl are out today. steve liesman is spending the week on set with me and this morning we are joined by "fortune" magazine editor andy soerwer. >> good to be here. >> meantime, wall street is bracing for a winter storm this morning as the second snowstorm in a week descend eds on new york. washington, philadelphia, they are expected to be hit and hit hard. the federal government in washington is closed for a third straight day at an estimated cost of $100 million in lust productivity. government offices in boston, baltimore and philadelphia all announcing that they will be closed. congress, by the way, is canceling votes and rescheduling hearings. the united nations headquarters in new york city shutting down schools all th
, fed chairman ben bernanke has returned to capitol hill this morning. and investors are looking for more clues on the central bank's next move. and the markets at this hour have u.s. equity futures under a bit of pressure after yesterday's rebound as "squawk box" begins right now. >> welcome to "squawk box" right here on cnbc. i'm becky quick along with joe kernen at the cnbc world headquarters. carl is in washington this morning where president obama is hosting a televised health care summit. we'll have more from carl on that story. but joe, that's not the only news in washington today. >> no, it's not. we may pipe in that music with carl down there and he'll be looking good. he'll have his jacket on. >> he always looks good. >> yes, he does. also in washington, carl is there, but also this other guys that's going to show up. that's not really what all the scuttlebutt is going to be about down there. it's about carl. but ben bernanke will come back and testify on the hill today. yesterday he pledged to continue record low interest rates for, in his words, an extended period. >>
. >> if you want to keep jobs here, you have to find a way to incentivize corporations. bernanke's height rate plan. we will take a look at the policy shift. >> it costs $150 billion a year to treat alzheimer's. medivation is helping find a cure. the stock is up 80% of the year. their ceo joins us about their late stage development drug. >>> the fed is set to unveil its rate hike plan. it is going to be a delicate balancing act for policymakers. steve liesman heads big reporting on this story for weeks, months, maybe years, joins us now with the very latest update. steve, what are they cooking up? >> you know, the question, you know, fed chairman goes to the hill wednesday. the question is whether we will hear anything new from the considerable talk from the fed already about the exit strategies which we reported quite a bit. fed has been transparent about the plans to unwind easy policies. not necessarily in one place. the reason the fed wants to let markets know what it is cooking up for the piece. but afraid too much talk to believe war over the financial cries sis over. the fed does want t
much, sharon. we're not getting as much volatility today as yesterday although ben bernanke's tax did get a little movement. if you look at two-year yield it's slightly elevated and you look at the curve it's know changed. there's a potential for an exit strategy as depicted by that text. if you look at the next chart, indeed the euro versus the dollar has been mostly down, but it is bouncing back a bit especially in the last hour or so, keeping up with the headlines and some of those headlines, hey, the checks didn't have a good day and they sold an additional 150 million u.s. equivalent of their 15 year. they wanted to sell more, but portugal had better luck selling u.s. equipment of the 4 billion of ten-year note and let's hop across the pond and rebecca me ham. >> let's take a check of what's happening in europe and it's all about greece. no surprise there and we check on the fotse, the cac and the dax. 2.4% higher for greek eiquities today. we know we've had the european finance chiefsi having a conference call today. the ecb governing body is having a call tonight and tomorrow a
't you tell us what you think after hearing a couple days of bernanke's testimony on the hill. does it change your outlook on what the fed is doing? >> no, as long as they use the magic words, extended period, we know the fed will be on hold for at least six months. that's what bill dudley told us. he said extended period was the language the fed has put in the policy statement, means at least six months. it was a phrase repeated by st. louis fed president bullard recently. so whenever bernanke puts his word in on it as well, we can feel assured that the fed is not likely to move for at least six months. the fed needs to be very clear at this day and age. so if they're telling us that that's what extended period means, that's what it means. and so, until there's some other clarifying comments, that's what we have to go on. >> we had somebody who told us yesterday that maybe they could move 25, 50 basis points. it's not the extended period but they're focusing on the incredibly low rates. either one of you guys quily think that's the case? >> the focus is on the extraordinary program
, you have three big concerns. bernanke's confirmation, slowing china growth and obama slapping the banks around in the aftermath of the massachusetts miracle. i think investors have really focused upon those things and have used those skuexcuses to t profit. >> you don't seem to think things are over. we're due for a pullback and maybe the bull market continues? >> you look at fourth quarter earnings right now and i guess we're about halfway through the season. two-thirds of the company have beaten on revenues. you have consensus earnings for s&p that have now moved up to $76 a share. that puts multiple of a 14 times forward earnings. you have core inflation below 2% year over year. 3.6% treasury yield. multiples are too low. you'll see more corporate earnings improvements and stocks will go higher. >> massachusetts miracle? massachusetts disaster maybe. massachusetts tragedy maybe. >> depends on your point of view. >> i guess it does. i want to get that other side in. >> why are you looking at me? phil is the guest. >> i'm sorry. >> jay, what do you think of that scenario? thi
of that market. >> diane, where does this leave fed chief ben bernanke in terms of interest rates and where we're heading? i mean, by most consensus here people would anticipate and he has said that he's going to leave them in a very low rate environment for quite some time. how long is that time going to be? >> you know, i've had the fed not raising rates until december for my entire forecast and i'm starting to re-think they might not raise it until 2011. this is a very weak economy. so the weather exacerbates weakness, no question about it. we may recoup some of those gains and we may recoup some of them in march, but at the end of day when you've got people losing income when they're living paycheck to paycheck already, that's just an economy that's not as resilient. it just underscores the fragility of the economy that ben bernanke himself said yes, the weather is noisy and we have to go through it and at the end of day this economy is not looking that great in the first quarter. >> speaking of that, let's attack today's data. milton, real gdp was revised upwards to 5.9% for the first qua
. >>> meanwhile, federal reserve chairman ben bernanke on the hill today as well, responding to a news article that goldman sachs and other major investment banks were shorting the very greek debt that they were helping the country issue. senior economics reporter steve liesman now with that story. >> reporter: maria, thanks. fed chairman ben bernanke said that the fed is examining the actions of goldman sachs and other banks surrounding two issues. first, whether the bank helped sell debt that essentially allowed greece to disguise the true amount of its debt, and second, whether it was appropriate for them to be essentially shorting that debt through the derivatives known as credit default swaps. >> we are looking into a number of questions relating to goldman sachs and other companies and in their derivative's arrangements with greece, and on this issue as well. as you know credit default swaps are properly used as hedging instruments -- >> i agree. >> we, the s.e.c., of course, has been interested in this issue. obviously, using these instruments in a way that intentionally destabilizes a
bernanke and the possibility of raising interest rates. or effectively raising interest rates. that is today's street poll. not long ago, this man had limited mobility. last month, this woman wasn't even able to get around inside of her own home. they chose mobility. and they chose the scooter store! if you or a loved one live with limited mobility call the scooter store! no other company will work harder to make you mobile or do more to guarantee your complete satisfaction. if we pre-qualify you for a new power chair or scooter and your claim isn't approved, the scooter store will give you your power chair or scooter free. that's our guarantee. they were so helpful and nice. they filed all the paperwork, and medicare and my insurance covered the cost. we can work directly with medicare or with your insurance company. we can even help with financing. if there's a way, we'll find it! so don't wait any longer, call the scooter store today. >>> as america slowly recovers from the recession many investors have been looking to china, the country's economy is in the middle of a huge
. the fed was very clear about that in its statement. ben bernanke was very clear about that. we have to take them at their word. banks are still nursing a lot of wounds. >> they can say that all they want but the truth is rates are going to go up. for most americans that is the most important rate. >> well, so, they're not expecting a big increase in mortgage rates actually. when they stop buying mortgages in march. and to the extent that mortgage rates do go up, you know, think if anything it gives them less of an inclination to raise the fed fund rate further down the road. if you ask me, the odds of a feds fund rate increase later this year have actually gotten down in the last 24 hours and gone up because the number was soft. the soft cpi number means the dove have a strengther hand. they're saying we've got to keep rates low for a long time. the feds said this technical discount rate did not change the broader view of where the financial system and the economy are. >> can you explain why, then, they did this in an emergency way? they have this meeting where they make this decisi
me, i'm chaled. >> and what are you expecting to hear from bernanke on capitol hill tomorrow? you say restraint is needed. why and when? >> well, you know, the reason i think that restraint is needed is because i think that he may be getting a little bit behind the curve. the reason i say that is a lot of the so-called leading indicators of inflation, my work, suggested inflation in 2010 is going to be higher than the consensus expectation. so the consensus expects inflation to be around 2%. i think it could be over 3% in 2010. and i think bernanke needs to start move towards restraint, in other words, start to move towards some of the excess liquidity driving this inflation. so i think sooner as opposed to later. i actually think that if he starts to move towards restraint wibt might lead to an increase in bank lending, which is sorely acting. but nevertheless, i think he needs to move towards restraint sooner than the consensus believes, not later. >> that's what i wanted to ask you about. we're getting comments in from the fed's bill dudley who says small banks are fuelling the pre
like the saints have it for a second. >> the guest host is inside the bernanke huddle during the financial crisis, former fed governor randy kroszner. >>> a big play here, a big play there, and the bulls may be ready to run. >> picked off. look out. just passed manning and tracy porter taking the ball all the way. touchdown, new orleans! >> "squawk box" begins right now. ♪ ♪ >>> good morning, everybody. welcome back to "squawk box" here on cnbc. i'm becky quick along with steve liesman, carl and joe are out but in studio we also have new york times reporter andrew ross sorkin. our guest host, randy kroszner, a business professor at the booth school of business. great to have you here, randy. >> great to see you. >> we have a lot to talk to you about this morning. let's go to your morning rundown. we have a game plan with howard ward, portfolio manager for gamco investors growth fund. then we'll see if we can diffuse the debt bomb that threatens the global market. it's a small problem we'll try to fix this morning. later we'll be monday morning quarterbacking the super bow
concerns that the market has across the spectrum. and you've got bernanke talking about higher rates. fed funds are pricing in almost 100% probability that we have rates lower in march. if we start to see more rhetoric out of the fed with respect to what they're going to do with the rates, that is outside of market expectations right now currently. >> what are you telling people tow to do snt. >> right now, volt tilt is at a level to finance shorter purchases and hedges. given the uncertainty, i don't think it's fair to say that volatility is expensive on the front end. >> anthony, real quick, berna e bernanke's exit strategy speech yesterday, does it move up your sense of the timing for when the fed will ultimately tighten? >> it really didn't, steve. the federal reserve basically injected $1.5 trillion in the liquidity in the credit crisis. it would be irresponsibility of the fed to not outline a credit strategy. i think he made it very clear that he wanted to give us the thumb nails strategy of what this is going to be like. is he going to normalize the discount rate? yes. but remembe
bernanke getting ready to testify on capitol hill later this week. steve joins us with more on the fed's game plan. >> the news is not going to be that the fed will lay out an exit strategy. they have already done that. we have been reporting it for weeks and weeks despite what other media outlets might be saying. if there is going to be news, timing of the exit strategy or the sequencing as in what comes first. rate hike chicken. what am i talking about? fed work behind the scenes on a series of measures to withdraw all of that extraordinarily quiddity. interest on reserves. we told you it would be the new fed funds rate. thing that will matter more than when they come out. term deposits for bank. reverse repos overnights. ultimately the bigger question, do they sell assets? not that loud about it. here is the reason. the fed doesn't want to signal imminent change in the policy when it talks about developing the tools to reverse that policy. st. louis fed chairman says he believe it is fed can begin selling assets the second half of the year which would come before raising rates. sequ
. people still point to may of '07 when bernanke says subprime is 9% of mortgages, right? they're not infallible. and we can't expect them to be, i guess, is the answer, right? >> none of us is infallible. if you didn't learn that, you missed something over the course of the past three years. >> dan's with us for the rest of the program. we've got a lot more to talk about. >>> meantime, any questions or comments this morning, we'd love to hear from you. our address is squawk@cnbc.com. >>> when we come back, european exposure, debt crisis overseas, how some u.s. companies might be impacted. >>> still to come, olympic skiers headed to the starting gate at whistler while bankers in new york await a possible auction. we'll get an update from daniel nu mudd, the ceo of fortress, just ahead. >>> time now for today's "aflac trivia question." what baseball player nicknamed the georgia peach amassed 4,189 hits in his career? this is not more benefits at greater cost to your company insurance. this is not how does it fit in my company's budget insurance. this is help protect and care for
strategies tomorrow, another camp, which we think chairman bernanke is in and made clear last week in his testimony before congress, which is we'll start to sell assets and we'll start to do these other things, but after we hike. and then there's a middle camp that says we would love to get rid of some of the assets on our balance sheet but we're not going to do that until we're shoe the economy is in full swing, and we're not going to destroy things. they don't want to make a policy mistake. they still think the economy is fragile enough they don't want to push us back into a recession. >> thanks so much for stepping in and talking to us about this. we appreciate it soon. stay with us back in a moment with more. , seeing if we have enough points to stay longer. now? you don't have enough time... and you have to push all those buttons... no buttons, someone answers every time. yeah, right... bet you a massage... yeah, ok. hi, julie... i have a question about my points. hi, what button do i press for a massage? hello? new chase sapphire... you call. we answer. no waiting. just press right
and bernanke. cisco's numbers come right at the close. >>> visa is also reporting quarterly numbers after the bell. in today's fast money final call we'll tell you how to take your position on that. fast money contributor joining us now. good to see you. >> great to be with you, judge. >> got to be quick here. what are you expecting from visa after the bell? >> as it trades down to the lows of the day like you and maria have been saying, a lot of financial stocks. >> both down today. >> visa's got earnings after the bell today. i'm bullish on that because of unusual call buying and that's right after the bell. 91 cents. and/or positive guidance, that's what we're looking for. master, tomorrow morning, before the market opens and we don't have any reading on that one. but i am long visa. >> is visa, part of it is that the debit card business continues to do well. as people are perhaps charging less and going to the debit card? >> you bet. as well as the sheer transactions, because these guys are just a through-put, they're not taking the risk on the other side of the trade. so regardless o
several members would like the asset sales in the near 5 but ben bernanke made it clear last week in his text not likely to be part of the initial exit strategy, not likely in 2010. it's all about timing in actions. now to that end, you can see clearly on the intraday, ten-year chart that rates did pop a bit on that. they were already somewhat elevated but they moderated, but from a technical vantage point open that up chart to one month and you can see kr this area is important. snugging up against the top of a trading range established over the last month. we haven't closed above 375 in basically a month. as far as the dollar, well, today reversed all of yesterday's, matter of fact the dollar up over two-thirds a cent. host to of those gains coming in a combination of the eurocurrency and having a big day against the yen. maria, back to you. >> all right, rick, thanks very much. and you mentioned, really, one of the stories of the day, rick, and that really is that some policymakers are talking about starting to sell assets in the near term versus others who are favoring a more gradual
chairman bernanke's confirmation was in doubt. all of a sudden they dialed it back. this budget is part of that dialing back. >> let's talk about that, andrew. the financial responsibility fee, better known as the bank tax, is in the budget. what kind of details are in it? because jaret says the language has been pared down quite a bit. >> people were selling into any financial strength across the board. you have volcker testifying tomorrow. although jaret brings up good points, the reality of this is that the risk is not in the budget. the risk is with the next announcement from volcker. or the treasury department and bank of america signing on to this second lien modification program which they did last week. that's where the real worry of wall street is. and you saw energy hold up today. you saw health care sell off for about an hour after the budget came out. and then it recovered to about flat as i was leaving the office. but across the board today, long and short, i mean, we were seeing sellers of financial stocks into strength. >> what about, andrew, when you look at the other ta
, 50 basis points or 100 basis points would be out of whack. >> did you see bernanke's swearing-in? >> i didn't.he president wasn't? >> how do you talk about transparency when you have a private swearing-in ceremony in apparently there is no legal standing for the swearing-in ceremony, because he was approved while he was still chairman. if the chairmanship expired, there would need to be a -- >> why would you need to see someone sworn in? you think he's actually going to swear? >> typically a president or a top official at some time -- >> but transparency, though. >> the most public fight over a fed chairman. >> the ceremonyial way. >> it's not a legal thing. >> you want him to answer questions that you pose him, you don't want to see the ceremony of someone swearing in, how did he look, what was his expression? was he worried? >> does it help he was in matter? >> i don't think it matters. >> this isn't what transparency was watched. i want to have watched it. i wouldn't have taken time out of my day to watch it. >> it shows you what a nerd you are. >> i don't want to be surpri
's an interesting idea. bernanke yesterday mentioned that the spike in jobless claims might have been at least partly related to the weather. i would say there's a little more uncertainty than maybe mr. knapp suggests as to whether or not this is weather related or how much of a comedown we're getting from that fourth quarter gdp which was very strong and as you said revised up, erin, to 5.9% from 5.7%. it is interesting to look at the details and where the strength was to kind of figure out whether or not, how much of that is going to continue. what you see when you look at it is the consumer was pretty weak at one point, 7%, and nobody thinks that's going to be any stronger in this quarter. business spending was very strong. that's a wild card. that could continue. exports strong again and of course the big part of that not shown here are the inventories -- inventory numbers. this conference, though, is going to be about the fed policy and the fed's role put on here by the university of chicago's school of business. there are going to be no less than four members of the federal market commit
word that ben bernanke is set to testify. >> i'm sue herera. there are some bright spots. travelers, at&t, walmart and dupont are among the dow's 30 winners. >> ppl beat the street. the ceo will join us first on cnbc. tyson foods smashing analysts' estimates. ate na pushing higher. we should get to the market. >> i'm dennis neil. let's get straight to this market action. let's go to bob pisani. >> here's a couple of headlines here. stocks close in europe at 1130, the stock market droops here. the second time in a row. guys in europe are getting concerned. they want to lighten up. second thing that happened that's important here, is dollarle rallied at the exact same moment we had yesterday. of course, what happens when that happens? it puts pressure on commodities and puts pressure on commodity stocks. all the big names in energy and the material groups on the weak side. and sharon, we saw a heck of a lot of contracts traded in oil in the last hour and a half. >> that's right. over 400,000 contracts traded today, bob, and this is the second straight day of massive contracts and massive
for the u.s. in 2 1/2 years at around 0.5%. and looking at what bernanke said this week, gave us a laundry list of ways to exit the strategy, basically, and he basically talked about, you know, the possibility of increasing interests on bank reserves. and while in basically contrast, the ecb is not going to do the exit strategy. it's going to stay in and maybe in too deep right now as it may need to provide some liquidity out of what happened from greece. so that will definitely give the yield luster for the u.s. dollar. >> so what target would you put on euro/dollar? >> still looking at 1.32% before the end of the quarter. any bounce, really, is going to be more of the corrective bounce, not more than 1.3950. >> i was wondering, what do you see the likelihood of a new and increased quantitative easing effort by the ecb, either in a direct like we've seen in the u.s. or uk and a continuation of the currency? >> look, even though they said they are not going to provide renewed 12-month loan facility, the ecb, this institution that has been seen as one of the first institutions to get out of
bush, ben bernanke, tim geithner to get the record out. this is news in and of itself, michelle, beyond the details you point out. his first-person account goes into the record and it's going to be essential to figure out where did we go wrong and how do we fix it? amazing to me the number of things that aren't fixed yet. >> final thought to you? >> i agree with steve. it was remarkable book. it helps the history exicle record. i call it pg version. he said the british screwed us. in my book he uses a colorful phrase. >> andrew, thank you. steve, thank you. the word on the street goldman sachs' ceo lloyd blankfein could collect a bonus up to $100 million according to the report in the times of london. goldman sachs roundly distribpu the rumor saying there's speculation and there's stupidity. this speculation transcends the stupid and takes it to a new level. i would call that -- that would be your denial-denial. >> that would be a strong denial. goldman sachs shares gaining 90% for a year and about 4% higher right now. the goldman sachs folks knocked this story down. it is only in the t
together with bernanke's exit speech, you put that together and people say, wait a second, maybe the tight is turning. and being on top of the timing of when the fed starts to tighten or when the rhetoric changes, because when the rhetoric changes, that's when rates will change. and if there weren't enough international news, the european central bank plans to join forces of the european commission to monitor the situation in greece. ecb president jean-claude trichet says the two will draw up necessary measures to maintain stability in the euro zone. european officials offered support for debt-laden greece at a summit yesterday. we don't know what's in the plan. it's some sort of support. >> i don't know what the plan is. except everybody is happy they're in a plan. >> they're in something. they've expressed support. >> monday, the finance ministers meet again. this may be a situation where you see more of the details that start to emerge. what's it call, the european -- the meeting on monday. >> what worries me is that the plan itself will be so underwell manying that people will say, is
it on the bernanke excuse stroke reason. we saw it in particular on heavy volume last friday and this is not really -- is this not really a market where really the chick ents are coming home to roost, bid up on a lot of artificial liquidity and is systematically now deleveraging? >> i tend to agree long term i'm very bullish. we have been through a tremendous recession worldwide and now we're just seeing reel it budding stages of a new economic expansion. we're not out of the woods yet but a lot better than six months ago. >> i'm not sure you can agree with me and be bullish. if you have systematic deleveraging this market is going to go down and down surely if that is true. >> i don't really think that the market -- >> surely if that is the reasoning then this is not good news for sometime. >> well, again, we view the world from a financial planning perspective. if you're a trader, you've got this risk on, then you're at risk with short-term money. long-term money viewing from a financial planning perspective, we've been building cash, we've been defensive for quite a while, and our main goal with
bernanke is in, senator. >> yes, he is. >> that's all right with you, though. you're going to be okay, right? >> i'm going to be okay. i offer my congratulations. but i think it does accepted a message to be confirmed by the lowest margin in history, sends a message about the concern about the role he played and the build-up to the crisis. >> yeah, but senator, you were ready to take the other side, knowing he would get confirmed, and your constituents can still say, well, at least this senator took the populus side. took the. >> i took the position as the only democrat taking that position after a careful review of the things he stood for, alignment with greenspan, failure to resfond derivatives. the failure on consumer protection, the things you are talking about in terms of prepayment penalties and liar loans and so i think he failed on many fronts but he is there now and i hope he does a great job on monetary policy and gets consumer protection in an agency that will care about it. >> senator, thanks. you have to keep coming back. >> thank you. >> oregon, oregon. i know how to say
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